U.S. OIL INVENTORIES UP BY 5.0 MB TO 467.6 MB

U.S. EIA -   May 17, 2023  - Data for week ending  May 12, 2023

Summary of Weekly Petroleum Status Report     

U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending May 12, 2023, which was 245 thousand barrels per day more than the previous week’s average. Refineries operated at 92.0% of their operable capacity last week. Gasoline production decreased last week, averaging 9.5 million barrels per day. Distillate fuel production increased last week, averaging 4.9 million barrels per day.

U.S. crude oil imports averaged 6.9 million barrels per day last week, increased by 1,306,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 0.3% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 844,000 barrels per day, and distillate fuel imports averaged 128,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.0 million barrels from the previous week. At 467.6 million barrels, U.S. crude oil inventories are slightly below the five year average for this time of year. Total motor gasoline inventories decreased by 1.4 million barrels from last week and are about 6% below the five year average for this time of year. Finished gasoline inventories decreased, while blending components inventories increased last week.

Distillate fuel inventories increased by 0.1 million barrels last week and are about 16% below the five year average for this time of year. Propane/ propylene inventories increased by 2.3 million barrels from last week and are 30% above the five year average for this time of year. Total commercial petroleum inventories increased by 7.6 million barrels last week.

Total products supplied over the last four-week period averaged 19.9 million barrels a day, up by 2.0% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.1 million barrels a day, up by 2.9% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 0.1% from the same period last year. Jet fuel product supplied was up 4.4% compared with the same four-week period last year.

The West Texas Intermediate crude oil price dropped to $70.02 per barrel on May 12, 2023, $1.30 lower than the previous week, and $40.50 below the price a year ago. At New York Harbor, the spot price for conventional gasoline rose to $2.489 per gallon, $0.031 more than a week ago, but $1.499 less than the price one year ago. The New York Harbor spot price for ultralow sulfur diesel fuel fell $0.02 to $2.303 per gallon, $3.036 lower than the price last year.

The national average retail price for regular gasoline was $3.536 per gallon on May 15, 2023, $0.003 more than last week’s price, but $0.955 less than the price one year ago. The national average retail price for diesel fuel fell $0.025 to $3.897 per gallon, $1.716 less than the price last year.

Full PDF version

-----